Finance Minister

CLR Snippets | Progress on India™s first Women™s Bank

The Finance Minister in his Union Budget Speech for the year 2013-14 on February 28, 2013 announced the proposal to set up India™s first Women™s Bank as public sector bank with an initial outlay of Rs. 1,000 crore which can lend mostly to women and women-run businesses, that supports women Self Help Groups (SHGs) and… Read More

Tags: BankBusinessCommitteeFinance MinisterGovernmentIndiaLok SabhaSelf Help Groups

Proposal for setting up of new Development Bank for BRICS Countries

The BRICS - Brazil, Russia, India, China and South Africa.  There is a proposal for setting up of a new Development Bank for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. In March 2012, BRICS Leaders directed their Finance Ministers to consider the possibility of setting… Read More

Tags: BRICDeveloping countryDevelopment BankEmerging marketsFinance MinisterIndiaSustainable developmentWorld Bank

Increase in Cases of Service Tax evasion

The cases of service tax evasion have increased during the recent time. The details are as under: Year No. of cases detected Service tax evasion involved (Rs. in crores) 2010-11 8399 14291 2011-12 8710 14608 2012-13 (uptoJanuary 2013) 9637 20335 The intensified drive against service tax evaders is the reason for the increase in number of… Read More

Tags: Field officerFinance MinisterGovernmentService ProviderTaxTaxationTaxation in India

Delays due to Government’s administrative mechanism is not condonable

CLR Editorial Note: This case is related to an application preferred for condonation of delay of 1226 days in filing a Tax Appeal. The applicant submitted that, to file Tax Appeal before the Court the applicant had to undergo certain administrative procedures. Due to Government administrative mechanism, every work passes and comes back to source point, through a route system, hence… Read More

Tags: AppealCommonwealth Law ReportsFiling (legal)Finance MinisterHonIncome taxSupreme CourtThe Honourable

Finance Minister Launches Medi Claim Facility for Farmers

Finance Minister Launches Medi Claim Facility for Farmers; Calls for Greater Penetration by the Non Life Insurance Sector and Higher Insurance Density The Union Finance Minister Shri P.Chidambaram said that there is a need to take immediate action by the non life insurance sector to increase penetration and coverage of the non life insurance in… Read More

Tags: Dena BankFinance MinisterIndiaInsuranceKisan Credit CardP. ChidambaramUnited India Insurance Company LimitedUnited States

Double Taxation Agreement between India & Gibraltar

SECTION 90 OF THE INCOME-TAX ACT, 1961 DOUBLE TAXATION AGREEMENT AGREEMENT FOR EXCHANGE OF INFORMATION WITH RESPECT TO TAXES WITH FOREIGN COUNTRIES GIBRALTAR NOTIFICATION NO. 28/2013[F.NO.503/11/2009-FTD-I], DATED 1-4-2013 Whereas, an Agreement between the Government of the Republic of India and the Government of Gibraltar for the Exchange of Information with respect to taxes was signed… Read More

Tags: ContractExchange of InformationFinance MinisterGIBRALTARGovernment of GibraltarGovernment of IndiaIndiaTax treaty

FM Speak :: CDTAC Must Encourage Cooperation between IT Dept and Tax Payers

Central Direct Tax Advisory Committee (CDTAC) is to Develop and Encourage Mutual Cooperation between the Tax-Payers and the Income Tax Department and to Remove Administrative and Procedural difficulties of a General Nature: FM The Union Finance Minister Shri P. Chidambaram said that role of the Central Direct Tax Advisory Committee (CDTAC) is to develop and… Read More

Tags: CBDTCommitteeFinance MinisterIncome taxIncome Tax DepartmentP. ChidambaramTaxation in IndiaVaishali

DVAT Notification in continuation of submission of information in Form T-2

(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY) GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002 No.F.7(433)/Policy-II/VAT/2012/1464-74 Dated : 01.4.2013 NOTIFICATION In continuation of Notification No..F.7(433)/Policy-II/VAT/2012/1429-38 dated 21.03.2013 regarding submission of information in Form T-2, vide which it was directed that the details… Read More

Tags: CommissionerDelhiDelhiSachivalayaFinance MinisterGovernment of NCTNew DelhiValue Added Tax

DVAT – Notification from Finance (Revenue-1) Department

DVAT - Notification from Finance (Revenue-1) Department TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY) GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI FINANCE (REVENUE-1) DEPARTMENT DELHI SACHIVALAYA, I.P. ESTATE, NEW DELHI-110002 No.F.3(17)/Fin.(Rev.-1)/2012-13/DSVI/263 Dated: 30/03/13 No.F.3(17)/Fin.(Rev.-1)/2012-13/DSVI/263   .-In exercise of the powers conferred by sub-section (3) of section 1 of the Delhi Value… Read More

Tags: DelhiDelhi Legislative AssemblyDelhiSachivalayaFinance MinisterNew DelhiPrincipal Secretary (India)RAVINDER KUMARValue Added Tax

MSME sector contribution to Exports increases

MSME Contribution The MSME sector contributes around 9% of GDP and accounts for around 45% of the manufacturing output and around 36% of total value of exports says MSME Minister Shri K.H. Muniyappa, Minister of State (Independent Charge) for MSME on the eve of the main event of National Award Presentation while addressing the Media… Read More

Tags: corporate social responsibilityFinance MinisterGDPGovernmentGross domestic productIndiaMSMESmall Industries Development Bank of India

MVAT amends earlier VAT notification to append new items w.e.f. 1st April’13

FINANCE DEPARTMENT Madam Cama Marg, Hutatma Raj guru Chowk, Mantralaya, Mumbai 400 032, Dated the 30th March 2013. NOTIFICATION Maharashtra Value Added Tax Act, 2002. No. VAT 1513/ C.R. 46 (2)/Taxation- l.” In exercise of the powers conferred by entry 2 of SCHEDULE A' appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the… Read More

Tags: Finance DepartmentFinance MinisterMaharashtraMaharashtra Value Added Tax ActMantralayaMVATNew DelhiTaxValue Added Tax

FM Speak :: Immediate Challenges are to Consolidate Economy, Return to Higher Growth Rate

Immediate Challenges are to Consolidate the Economy, Return to the Path of Higher Growth Rate and Ensuring the Gains ofgrowth Reach More and More People; Government™s Targeted Policies for Poor with Fewer Leakages due to Implememtation of Direct Benefit Transfer System to Help in Translating Higher Outlays into Better Outcomes; Rationalisation of Foreign Investment in… Read More

Tags: Finance MinisterFinance SecretaryFinancial Sector Legislative Reforms CommissionGovernmentGovernment debtIndiaP. Chidambaram

Textiles Sector Receives Much Needed Support in Budget 2013-14

Textiles Sector Receives Much Needed Support in Budget 2013-14 Affordable Credit, Technology Upgradation, Duty Relief and Skill Development Targeted The Textiles sector is the second largest provider of employment after agriculture. It contributes about 14% to industrial production, 4% to the GDP, and 17% to the country™s export earnings. It provides direct employment to over… Read More

Tags: ExciseFinance MinisterGovernment of IndiaIndiaIntegrated Processing Development SchemeP. ChidambaramScheme for Integrated Textile ParksTechnology Upgradation Fund SchemeTextile SectorTUF

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